Commerzbank: USD/JPY upside is limited

Analysts at Commerzbank believe that USD/JPY will be capped by 108.25/90.

USD/JPY tested levels below 78.6% Fibo of the May advance at 106.80. This area is the key support before 105.55 (May low) and 105.44 (2013 high) and the bears will try to test these levels once again.  

According to the bank, bearish pressure on the pair will reduce only if it rises above 111.90 (highs of late April).

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